The 2008 exploration program is comprised of a minimum five hole drill program that will test extensions from the main Needle Gold Zone, which was drilled by previous workers in 1990. Data examination revealed evidence that the three mineralized intercepts from the 1990 drill program occur on the same structure, which remains untested along strike or down dip. Drill results from 1990 at the Needle Zone include 9.46 g/t Au over 3.43m of core length and 11.58 g/t Au over a 2.02m core length.
In addition, the current drill program will test a new vein structure identified during fieldwork conducted by TerraX in 2007 (486 g/t Au assay from a large (> 1 cubic m), angular boulder/subcrop), located within 100 metres of the mineralized structure described above. No previous drilling has been completed over this target.
Finally, the drill program will test a new style of mineralization that was discovered on the property and consists of zinc and lead-rich precious metal occurrences. An outcropping surface grab sample from one such discovery yielded 24 g/t Au, 70 g/t Ag, 1.7% Zn and 0.5% Pb. This occurrence is coincident with a geophysical conductor which has yet to be fully defined. Previous prospecting along this conductor has resulted in 7 anomalous Au samples (3.0 g/t to 41.7 g/t). A GPS controlled VLF survey will be completed over this target area to help determine drill collar locations and orientation. No previous drilling has been completed over this target, and two holes are planned to test this area during the current drill campaign The contents of this press release have been reviewed and approved by Joseph Campbell, P.Geo., TerraX’s President and CEO, who serves as a Qualified Person as defined under National Instrument 43-101. Historical gold assays from surface sampling and drilling prior to 2007 were obtained from publically available, archived, assessment reports and government publications and the data has not been verified by TerraX staff.
On behalf of the Board of Directors
Joseph Campbell, P. Geo
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
TerraX Minerals Inc. (TSX.V: TXR) has begun drilling at the Needle Gold Property in Nunavut, Canada. The Needle Lake property is comprised of two contiguous claims with a total area of 2,090.21 hectares located in Nunavut, approximately 460 kilometres northeast of Yellowknife, 204 km southeast of the Lupin mine owned by Wolfden Resources Inc., and 70 km south of the George and Goose Lake deposits owned by Dundee Precious Metals Inc. TerraX has an option to earn up to a 60-per-cent interest in the Needle Lake property from Kaminak Gold Corp (TSXV: KAM).